Travel
Wyndham Rejects Choice Hotels’ $9.8 Billion Takeover Bid
- Deal would combine two large economy hotel companies
- Wyndham recently broke off negotiations, statement says
Wyndham Hotels & Resorts Inc. called Choice Hotels International Inc.’s takeover offer “underwhelming,” rejecting a proposal that would create a budget hotel behemoth.
Choice is offering to pay $90 a share in cash and stock, in a deal valued at about $9.8 billion including the assumption of debt, according to a statement Tuesday. The deal price is 30% more than Wyndham’s closing stock price on Monday.